On 13 December 2017, Kyiv Court of Appeal annulled the decision of the court of first instance and adopted a new ruling on the merits of the claim, rejecting the claim of Victor Polischuk, the former owner of Bank Mikhailivskyi PJSC, against NBU on protection of business reputation.

On 11 July 2017 Kyiv Pechersk District Court ruled that the National Bank of Ukraine is obliged to negate the unreliable information on Victor Polischuk. The claimant demanded that the information on the sale of Bank Mikhailivskyi PJSC and NBU’s approval of such sale was qualified as unreliable and violating his business reputation.

The NBU did not agree with such a ruling of Kyiv Pechersk District Court and appealed against it. The Kyiv Court of Appeal, having fully reviewed the materials of the court case, allowed the NBU appeal and annulled the ruling of the court of first instance and rejected the claims in full.

For reference

The National Bank of Ukraine classified Bank Mikhailivskyi as insolvent on 23 May 2016, and on 12 July last year, the NBU, on the proposal of the Deposit Guarantee Fund, approved a decision No. 124-D on withdrawal of the bank license and liquidation of the bank. The decision to withdraw the bank from the market was taken due to a large number of transactions for the transfer of deposits from individuals from a financial company related to the bank to the bank’s balance sheet, which increased the burden on the Deposit Guarantee Fund.